Cosco Corporation (Singapore) says subsidiary Cosco (Dalian) Shipyard Co. has agreed to cancel the shipbuilding contract of an 80,000 dwt bulk carrier following a request by a European shipowner.

Construction of the vessel has not commenced and as part of the order agreement, the buyer has paid compensation to Cosco Dalian.

Meanwhile, subsidiaries Cosco (Zhoushan) Shipyard Co. and Cosco (Guangdong) Shipyard Co. have, following requests from two Asian shipowners, delayed the deliveries for a total of four units of bulk carriers of 57,000 dwt each to April 2012.